Markel (UK), the regional arm of Markel International, has launched a specialty liability insurance product for the medical, pharmaceutical and cosmetic industries.
The insurer said these professions were under “ever increasing pressure to push the boundaries of medical science with the resulting consequence being that occasional blunders are inevitable”.
Recent news coverage only serves to highlight the risks the industry faces, added Markel.
The product is aimed at companies with a turnover of less than £20 million and has four optional sections which can accommodate public and products liability, professional indemnity, clinical trials and employers' liability exposures.
With the exception of employers' liability, any section of cover can be written on a 'stand-alone' basis, said Market.
Steve Carroll, managing director of Markel (UK) said: “We feel there is a need in the regional markets to cater for these types of risk locally. Our focus is on the 'smaller' companies rather than the multi-national conglomerates, and we are happy to consider new 'start-up's' and 'incubator' companies.
“We have a flexible approach and can accommodate both manufacturing and distribution risks together with professional consultants who are involved with product design or clinical trials. These are all types of business that don't fit the traditional 'SME' underwriting box.”
He added: “Our Markel US sister-company Shand Morahan have written this type of business for a number of years and we have called upon their experience in helping us design our new offering. We are confident that our faculties will be of interest to a number of regional brokers.”
